Elon Musk, the CEO of Tesla, openly derided the US Securities and Exchange Commission in an interview, having settled fraud charges with the regulatory agency over an errant tweet.<\/p>\n
\u201cI want to be clear. I do not respect the SEC I do not respect them\u201d he said in an interview on the CBS network news program \u201c60 Minutes.\u201d Musk had to resign as Tesla chairman under a September arrangement with the SEC to settle fraud charges stemming from a tweet in which he said he planned to take the firm private and already had the financing to do it.<\/p>\n
That caused a brief spike in Tesla\u2019s share price, leading so-called short-sellers, who have been betting on the stock crashing for years, to lose millions.<\/p>\n
Musk and Tesla each had to pay a USD 20 million fine to the agency, to be split among harmed investors. He was forced to resign as chairman but allowed to remain CEO.<\/p>\n
The SEC had also demanded oversight of the mercurial Musk\u2019s social media use.<\/p>\n
But he said in the Sunday interview that no one was proofreading his tweets.<\/p>\n
\u201cThe only tweets that would have to be, say, reviewed would be if a tweet had a probability of causing a movement in the stock,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"
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